Gentherm Appoints New CEO, Board Changes
Ticker: THRM · Form: 8-K · Filed: Nov 21, 2024 · CIK: 903129
| Field | Detail |
|---|---|
| Company | Gentherm Inc (THRM) |
| Form Type | 8-K |
| Filed Date | Nov 21, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $600,000, $12,000, $1,100,000, $650,000, $2,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, leadership-transition, board-of-directors
Related Tickers: THRM
TL;DR
Gentherm gets a new CEO, David M. Johnson, effective Nov 25. Board also sees a new director.
AI Summary
Gentherm Inc. announced on November 20, 2024, a series of executive and board changes. These include the appointment of David M. Johnson as the new Chief Executive Officer, effective November 25, 2024, and the appointment of David L. Thomas Jr. as a new independent director. Additionally, the company announced the departure of its former CEO, Philp. J. Del Vecchio, and director, David M. Johnson, who is now the CEO. The company also disclosed compensatory arrangements for its named executive officers.
Why It Matters
This filing indicates significant leadership transitions within Gentherm, which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Leadership changes can introduce uncertainty regarding future strategy and performance.
Key Players & Entities
- Gentherm Inc. (company) — Registrant
- David M. Johnson (person) — Appointed CEO and former director
- David L. Thomas Jr. (person) — Appointed independent director
- Philp. J. Del Vecchio (person) — Departed CEO
- November 20, 2024 (date) — Date of earliest event reported
- November 25, 2024 (date) — Effective date for new CEO
FAQ
Who has been appointed as the new CEO of Gentherm Inc.?
David M. Johnson has been appointed as the new Chief Executive Officer of Gentherm Inc., effective November 25, 2024.
When is the new CEO's appointment effective?
The appointment of David M. Johnson as CEO is effective November 25, 2024.
Who is the former CEO of Gentherm Inc.?
The former CEO of Gentherm Inc. is Philp. J. Del Vecchio.
Has the board of directors seen any changes?
Yes, David L. Thomas Jr. has been appointed as a new independent director to the board.
What other information is provided regarding executive compensation?
The filing also discloses compensatory arrangements for the company's named executive officers.
Filing Stats: 1,770 words · 7 min read · ~6 pages · Grade level 13.2 · Accepted 2024-11-21 16:51:00
Key Financial Figures
- $600,000 — the Douyard Offer Letter includes: A $600,000 annual base salary. Eligibility for a
- $12,000 — n program. An automobile allowance of $12,000 per year. An annual equity award with
- $1,100,000 — rd with an initial total grant value of $1,100,000 to be granted in March 2025, on terms a
- $650,000 — th The Shyft Group, he will receive (i) $650,000 in cash to be paid in March 2025 and $6
- $2,000,000 — d (ii) RSUs with a total grant value of $2,000,000 (the "Make Whole Equity Grant") and ves
Filing Documents
- d885551d8k.htm (8-K) — 40KB
- d885551dex10.htm (EX-10) — 77KB
- d885551dex99.htm (EX-99) — 27KB
- g885551g13j87.jpg (GRAPHIC) — 18KB
- g885551g70m31.jpg (GRAPHIC) — 9KB
- 0001193125-24-263470.txt ( ) — 318KB
- thrm-20241120.xsd (EX-101.SCH) — 3KB
- thrm-20241120_lab.xml (EX-101.LAB) — 17KB
- thrm-20241120_pre.xml (EX-101.PRE) — 11KB
- d885551d8k_htm.xml (XML) — 3KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10* Offer Letter between Gentherm Incorporated and Jonathan Douyard, dated as of November 20, 2024 99 Company news release, dated November 21, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Indicates management contract or compensatory plan or arrangement.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GENTHERM INCORPORATED By: /s/ Wayne Kauffman Wayne Kauffman Senior Vice President, General Counsel and Secretary Date: November 21, 2024